Nvidia(US:NVDA) SINOLINK SECURITIES·2025-06-15 09:57Investment Rating - The report suggests a positive outlook for the AI-related hardware and semiconductor sectors, indicating a strong growth trajectory for companies involved in AI-PCB and computing hardware [1][4][26]. Core Insights - TSMC's revenue in May showed a year-on-year increase of 39.6%, driven by strong AI demand, with expectations for Q2 performance to exceed previous guidance [1]. - AMD's CEO expressed optimism about AI inference demand, predicting an annual growth rate exceeding 80% over the next few years, with the total addressable market for data center AI accelerators expected to surpass $500 billion by 2028 [1]. - NVIDIA plans to build 20 AI factories in Europe, indicating a significant investment in AI infrastructure [1]. - The report highlights a potential explosive growth in ASIC chip production, with Google and Amazon expected to produce over 3 million ASICs by 2025 [1][4]. - The demand for AI-PCB is expected to rise significantly, with many companies reporting strong orders and full production capacity [1][4][26]. Summary by Sections 1. Industry Overview - The semiconductor industry is experiencing a robust upward trend, particularly in AI-related sectors, with strong demand for AI-PCB and computing hardware [1][4][26]. - The report emphasizes the importance of self-sufficiency in semiconductor manufacturing due to geopolitical tensions and export controls [23]. 2. Consumer Electronics - Apple continues to lead in high-end smartphone sales, with the iPhone 16 series dominating various price segments during the 618 shopping festival [5][6]. - The report anticipates that Apple's innovations in AI capabilities and new product launches will drive growth in its supply chain [6]. 3. PCB Industry - The PCB industry is showing signs of recovery, with expectations for significant growth in the copper-clad laminate sector due to increased demand from AI applications [7][4]. - The report notes that the overall PCB industry is expected to maintain a high level of activity, particularly in Q2 [7]. 4. IC Design and Storage - The report highlights a positive outlook for the memory sector, with expectations for price increases in DRAM due to supply constraints and rising demand from cloud computing [19][22]. - Companies like Zhaoyi Innovation are expected to benefit from domestic substitution trends and increased demand for AI-driven storage solutions [33]. 5. Key Companies - The report identifies several key companies to watch, including: - Huidian Co.: Benefiting from strong AI demand and expanding production capacity [27]. - Northern Huachuang: Positioned to gain market share amid domestic semiconductor equipment localization efforts [28]. - Jiangfeng Electronics: Achieving significant growth in ultra-pure target materials and precision components [31]. - Zhaoyi Innovation: Expected to thrive due to strong demand in consumer electronics and AI applications [33]. 6. Market Trends - The report notes that the semiconductor equipment market is projected to experience explosive growth, particularly in 300mm wafer fabs, driven by AI chip demand [24][25]. - The overall sentiment in the electronics sector remains cautiously optimistic, with specific segments like consumer electronics and PCB showing positive trends [37].